An international organization that provides illustrative support to the world community, and has a dedicated network of bankers, policy makers, economists and experts who form a global team with high objectives is the World Bank. It was founded by two great men John Maynard Keynes and Harry Dexter White in July 1944.
#1. Their principal goal at present is to provide expository support to the people living in extreme poverty in order to raise their standard of living to more than $1.25 a day. Besides, they are providing financial and technical support to Promote shared prosperity by fostering the income growth of the bottom 40% for every country. Established in 1944, World Bank has headquarters in Washington, D.C. with around 10,000 employees and 120 offices worldwide. Some of the most significant support dispensed by it are:
To developing countries
zero to low-interest credits
Far-reaching investments in the following sectors:
financial and private sector development
natural resource management
Co-financiers of World Bank projects:
export credit agencies
private sector investors
Since 1947, World Bank has accomplished 12,411 projects in 173 countries.
#2. The five different organisations belonging to World Bank Group are:
The International Bank for Reconstruction and Development(IBRD): Lends to government of middle-income and creditworthy low-income countries.
The International Development Association(IDA): Provides interest free loans to poorest countries.
The International Finance Corporation(IFC):
They help developing countries achieve sustainable growth
Finance the investment, mobilizing capital in international financial markets
Provide advisory services to businesses and governments
The Multilateral Investment Guarantee Agency(MIGA): Promotes FDI in developing countries.
The International Centre for Settlement of Investment Disputes(ICISD): Facilities for conciliation and arbitration of investment disputes.
#3. Development Economics Group (DEC) is the prime research and data arm of World Bank which provides provides intellectual leadership and analytical services to the bank through its programs and policies. They always come up with working papers, Global Monitoring Report, reports for economic opportunity and long term finance, world development index, migration reports, enterprise surveys, development impact evaluation and living standards measurement study among several others.
Their ideas, updates and assessments are of profound importance to the world and some of the biggest organisations as well as governments follow them. One of the most coveted position of a chief economist and senior vice-president is held by an Indian, Kaushik Basu.
#4. World bank provides a list of courses as part of its e-learning procedure. Leveraging the advancement of Information and Communication Technology, World bank has opened a plethora of opportunities in learning through knowledge exchange or peer to peer learning, virtual learning and mobile startup. Its courses are related to planning, finance, governance, climate change and more. It has innumerable number of projects and operations in different countries throughout the globe worth millions of dollars.
#5. World bank is called as a open knowledge repository, that includes uncountable publications and reports publicly available. Their reports and documents are one of the most reliable source of information for students as well as professionals. This organization actively takes concrete steps to end extreme poverty and several other social, economical and environmental issues.